The Nigeria Youth Investment Fund website is now open for registration to eligible and enterprising Nigerian youth to apply for the loan.
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.
A minimum of N25 billion each year in the next 3 years, totaling N75Billion will be required to ring fence the N-YIF. For the remaining part of 2020 an initial sum of N12.5 billion will be needed to kick start the N-YIF. It is expected that successive governments will keep the Fund, akin to a Youth Bank, alive.
The Nigerian Youth Investment Fund (N-YIF) is a ringfenced Fund that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old. It is a restricted Fund that can only be used for the set purpose of Youth Investment.
What Percentage interest NYIF charges per annum??
With 5% interest rate per annum, the NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
How much can I Apply for in NYIF?
Individual or non-registered businesses are able to draw up to two hundred and fifty thousand naira (₦250,000.00), while youth owned registered businesses can apply for up to three million naira (₦3,000,000.00). Loans are with a tenor of five years and moratorium of up to 12 months.
Disbursement of the Nigeria Youth Investment loan will be through various channels, which will include Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Organizations, registered with the CBN.
Youth seeking to benefit from the fund must be a Nigerian within that bracket with a bankable business plan. Investment will be supported on the strength of the business case and will follow a scoring template and a transparent evaluation process driven largely by technology.
How to Apply for NYIF?:
You can fill the Nigeria Youth Investment Fund application form online now at https://nyif.nmfb.com.ng